The New Landscape for Credit Cards

The new credit card regulations, which limited the ways in which credit cards could raise their interest rates, have resulted in an overall increase in rates, as issuers have sought new ways to make money. For instance, your interest rate can't be raised on an existing balance any more. But according to a study from the market-research firm Synovate, the average credit card rate has soared in the past year, to 14.7 percent from 13.1 percent twelve months earlier.

On the other hand, solicitations for credit cards have also been soaring. There were 640 million credit card offers sent to American households in the second quarter of this year. That's up a staggering 83 percent from the same period last year, when there were just 349 million offers.

So even as rates are rising, credit card issuers are still desperate for your business. If you're unhappy with the rates your current card is offering you, just remember, you always have other options.